CONTRACT LAW

Contract is a legal document that is commonly used in day to day lives and business lives. Contract law is enforceable agreement that is between concerned parties in favor of doing something or not doing something. Contract law provides an orderly and standard way of transferring rights from one party to the other. The principles that governs contracts try to copy Medieval England and ancient Rome. More information about contract law is found in common law and judge-made law. Contract law deals with matters about State but not the federal law.Each State has its own statute and common law that govern both formation and enforcement of the contractual obligations. Contract laws varies from one jurisdiction to the other. Contract law is also found in Restatement of contract law, the publication of American law begin which simplifies the contract law in simple terms.Restatement helps the court in determining how to apply the law in specific areas. Contract are normally classified into different types.For instance, there is unilateral contract and multilateral contract. Unilateral contract is the contract made by one party to the other party while multilateral contract are the promises which are made between more than one parties. According to the law, a contract can be oral or written. Written contract is more recommendable than oral contract. This is because it is not easy to prove an oral contract as one believes with what is said by the party without recording anywhere. Contract can either be enforceable or unenforceable. The enforceable contract has legal obligations and failure to comply with it creates the breach of contract. The terms void and voidable are commonly used in contract. In every contract there is an offer, acceptance and consideration.